Cadence Design Systems (NASDAQ:CDNS) Rating Lowered to Underperform at Bank of America


Share on StockTwits

Bank of America downgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to an underperform rating in a research report report published on Monday morning, Anlyst Ratings reports.

A number of other equities analysts also recently commented on CDNS. UBS Group upped their target price on shares of Cadence Design Systems from $91.00 to $125.00 and gave the stock a neutral rating in a research note on Wednesday, October 14th. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $120.00 to $135.00 and gave the stock an overweight rating in a research note on Tuesday, October 20th. BidaskClub upgraded shares of Cadence Design Systems from a buy rating to a strong-buy rating in a research note on Tuesday, December 22nd. Needham & Company LLC upped their target price on shares of Cadence Design Systems from $115.00 to $126.00 and gave the stock a buy rating in a research note on Tuesday, October 20th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a neutral rating to an overweight rating and increased their price objective for the company from $122.00 to $145.00 in a research note on Wednesday, December 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $113.00.

Shares of NASDAQ CDNS opened at $134.12 on Monday. Cadence Design Systems has a twelve month low of $51.39 and a twelve month high of $138.54. The firm has a market cap of $37.41 billion, a P/E ratio of 34.84, a PEG ratio of 4.47 and a beta of 1.05. The company has a 50 day moving average of $126.69 and a 200 day moving average of $112.36. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 0.14.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 19th. The software maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.09. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The company had revenue of $667.00 million during the quarter, compared to analyst estimates of $642.29 million. During the same period in the previous year, the business earned $0.54 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems will post 2.02 earnings per share for the current fiscal year.

In other Cadence Design Systems news, Director John B. Shoven sold 20,000 shares of the firm’s stock in a transaction on Monday, January 4th. The shares were sold at an average price of $137.55, for a total value of $2,751,000.00. Following the completion of the transaction, the director now owns 2,793 shares of the company’s stock, valued at $384,177.15. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 25,000 shares of the firm’s stock in a transaction on Tuesday, December 1st. The stock was sold at an average price of $115.54, for a total transaction of $2,888,500.00. Following the completion of the transaction, the director now directly owns 105,290 shares of the company’s stock, valued at approximately $12,165,206.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,782 shares of company stock valued at $11,812,799. Corporate insiders own 2.58% of the company’s stock.

Several institutional investors have recently modified their holdings of CDNS. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Cadence Design Systems during the third quarter worth $28,000. JJJ Advisors Inc. purchased a new position in shares of Cadence Design Systems during the third quarter worth $30,000. Newfound Research LLC purchased a new position in shares of Cadence Design Systems during the third quarter worth $38,000. CX Institutional raised its holdings in shares of Cadence Design Systems by 52.1% during the fourth quarter. CX Institutional now owns 365 shares of the software maker’s stock worth $50,000 after purchasing an additional 125 shares during the last quarter. Finally, NuWave Investment Management LLC purchased a new position in shares of Cadence Design Systems during the third quarter worth $53,000. 83.86% of the stock is owned by hedge funds and other institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an emulation platform; and Protium, a prototyping platform for chip verification.

See Also: Equal Weight Rating

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.